Property investment activity remained strong in Ireland during 2016, recording a total turnover of €4.5bn, according to the Ireland Investment Market Bulletin published by Lambert Smith Hampton today. The figure marks a 21 per cent increase on 2015 and represents the second highest level of investment in the last decade – just short of the €4.8bn high in 2014.

Private equity investors were the most active accounting for two-fifths
of investment volume. Institutional investors were also very active and
responsible for around €1.1bn of investment.

Retail and office deals dominated the market, with two large retail
deals accounting for €1.6bn of transactions. This year was boosted by
Blackstone acquiring Blanchardstown Shopping Centre from Green Property for
approximately €975m which is reportedly the largest property deal in the
history of the state.

Office transactions accounted for one third of the total investment
volume. The €240m sale of One Spencer Dock in Dublin to an international fund
and €140m sale of The Oval in Dublin to Patrizia were notable deals in this
sector.

Paddy Brennan, head of capital markets in Lambert Smith Hampton said: “While
investment activity continues to be concentrated in Dublin, LSH has found that
investor appetite is starting to spread throughout the regions.

“We expect real estate investment activity in Ireland to remain healthy
despite the global climate of uncertainty. The outlook for 2017 is one of
positivity with the Irish economy expected to grow and strengthen,” said Mr
Brennan.

He added: “We anticipate that investment activity will remain buoyant
with investors continuing to explore opportunities across Ireland. The country
looks likely to remain amongst the strongest and fastest growing economies in
the EU.”